New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 11

11 Certain persons required to contribute to Fund

(1) On and from the first day of the pay period applicable to him that next succeeds the appointed day, a person who, immediately before the appointed day, is a contributor within the meaning of the Transport Employees Retirement Benefits Act 1967 , and has not attained the age of thirty years:

(a) shall cease to contribute to the Transport Retirement Fund,

(b) shall, except to the extent provided by this Act, cease to be entitled to receive any benefit under the Transport Employees Retirement Benefits Act 1967 , and

(c) shall contribute to the Fund at the same rate as the rate at which he was contributing to the Transport Retirement Fund immediately before ceasing to contribute to the Transport Retirement Fund or, if the rate necessary to provide for his minimum benefit immediately before that day is a higher rate, at that higher rate.

(2) Subject to section 3 (9), a person who will become a contributor pursuant to subsection (1) may, on the appointed day, elect to vary the amount in respect of which he is to contribute to the Fund to an amount that is not less than the minimum benefit, and not more than the maximum benefit, for him at a date determined by the Board.

(3) Where a person makes an election under subsection (2), the necessary variation in his rate of contribution to the Fund shall take effect on and from a day determined by the Board, being a day that is not earlier than the day on which that person becomes a contributor.